The text of section 67P
The full text of section 67P is set out here.
Judicial consideration
Refer to the Judicial decisions page for cases concerning section 67P interest. Click here for the relevant details.
The compounded calculation provided by this site has been applied for and granted often and without argument in the:
- Queensland Building Tribunal and its successor the Commercial and Consumer Tribunal; and
- Queensland Magistrates Court.
- Queensland Supreme Court.
Single rate calculations
The practice of adjudicators awarding interest at a set single rate would appear to be fundamentally flawed given the decisions in:
- Civil Mining & Construction Pty Ltd v Wiggins Island Coal Export Terminal Pty Ltd (No 3) [2018] QSC 60 (26 March 2018); and
- Hansen Yuncken Pty Ltd v. Ian James Ericson trading Flea's Concreting & Anor (No 2) [2010] QSC 457 (6 December 2010).
Correct words for interest order
The decision in the Wiggins Island case makes it clear that the correct order for 67P interest is interest on $[SUM OF MONEY] pursuant to section 67P of the Queensland Building and Construction Commission Act 1991.
Court interest calculator
That decision also renders the interest calculator and attached instructions on the Queensland Courts website irrelevant to construction matters that attract 67P interest.
Details of calculation
There are various circumstances where the court registry will ask for details as to how the interest is calculated.
If the interest is still running it would appear that an appropriate answer is that the interest is pursuant to section 67P of the QBcc Act and a reference to the Wiggins Island decision.
In circumstances where an applicant needs to demonstrate exactly how the interest was calculated (such as an application for an enforcement warrrant), the line by line calculation sets out how the interest is calculated day by day.
The line by line calculation is accessed via the Show calculation line by line
button on the first summary page that shows the amount claimed, the relevant dates and the total interest payable.
Comments
If anyone has any comments or material that would assist we would be interested to hear from you.